Once you file your 2nd year of tax returns, you may now be able to qualify for Agency Loans (FHA/Conventional).

So, it would then potentially cost you a penalty for early withdrawl and also income tax owed on it.

It is not cash flow positive at this time due to high interest rates and property taxes.

I was told that I couldn't get a HELOC on my properties due to them being in LLCs.

Account ClosedI recommend that have a consultation with your tax accountant and/or financial advisor on ways to reduce your taxes. 

The mortgage would stay under the seller's name.The buyer could then rent out the unit, renovate, etc. to increase cash flow or make more money.But aside from a possible "due on clause" being called by the mortgage company, what's the benefit to the seller?

If we sense there is a red flag, were asking them to upload additional documents like tax returns w2's etc.

@Clinton Davis The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been reinstated after a temporary injunction, with initial reports now due by January 13, 2025, for companies formed before January 1, 2024.New entities formed after January 1, 2024, must file within 90 days of creation.

The Big plus is the tax deductions they will be able to take as well!!! 

Taxes have to be paid, so does insurance, what about maintenance?